Super-rich tenants shell out thousands per week

There we were, worrying ourselves sick about Britain's budget deficit, when we came across this ‘how the other half live’ story. But see what you think.

Lucy Morton, of Knighstbridge agents W.A. Ellis and outgoing President of ARLA, has publicly warned that landlords are getting confusing and conflicting advice from agents. A familiar enough tale.

She goes on to say: “We advised a client recently on the marketing price of his property. Suggestions he received from other firms varied from £3,500 per week to £8,000 per week.”

Goodness! Enter W.A. Ellis who “sensibly” value the property at £6,750 per week, and lo and behold, it is let out within a month.

She says that some agents are “not moving with the market” and not increasing their valuations, with demand severely outweighing supply. Other agents are, of course, over-valuing to get the instruction. Sounds familiar.

But £6,750 a week?

This compares with an average rent in Scotland of £456 a month, in Wales of £514, the north-east of £534, the north-west of £562, the south-west of £704 and the east of England of £768. Even in the south-east, average rents are well under £1,000 a month, averaging £916. (Source: Paragon Advance.)

Of course, there is an argument for having rich people in the country, not least because they buy more things. Presumably, in W.A. Ellis’s neck of the woods, mainly from their local corner shop, the foreign-owned Harrods.

But anyway, we’re slightly gobsmacked, although obviously in total awe of W.A. Ellis’s “sensible” pricing. Home, James!